Coinbase says it received an SEC notice warning the exchange of potential US securities law violations that could lead to enforcement actions; COIN drops 10%+

- The SEC issued crypto exchange Coinbase a Wells notice, warning the exchange that it identified potential violations of U.S. securities law.

CNBC 2023-03-23

Discussion

@brian_armstrong Brian Armstrong on x
1/ Today Coinbase received a Wells notice from the SEC focused on staking and asset listings. A Wells notice typically precedes an enforcement action.
@iampaulgrewal @iampaulgrewal on x
Coinbase received a Wells notice from the SEC. After years of asking for reasonable crypto rules, we're disappointed that the SEC is considering courts over constructive dialogue. But if courts are required, so be it. We'll defend the rule of law. 1/15 https://www.coinbase.com/..…
@lawtoshi @lawtoshi on x
It is difficult to overstate how remarkable it is that this is the response of a public company to a Wells notice. https://twitter.com/...
@adamscochran Adam Cochran on x
Oh PS - if Coinbase does indeed choose to fight the SEC as they are saying they will, then I'm: -Moving all my purchases to Coinbase -Moving all my trading to Coinbase -Delegating to Coinbase staking nodes If they go to bat for this industry, I'll vote with my wallet. 🫡
@brian_armstrong Brian Armstrong on x
3/ While we understand that this is all part of the journey to reforming our financial system, we are right on the law, confident in the facts, and welcome the opportunity for Coinbase (and by extension the broader crypto community) to get before a court.
@iampaulgrewal @iampaulgrewal on x
Over the past 9 months, CB has met with the SEC more than 30 times, sharing details of our business to build a path to registration. During this time, the SEC hasn't given basically 0 feedback on what to change, or how to register. Instead, today we received a Wells notice. 2/15
@brian_armstrong Brian Armstrong on x
@DaveVED_ Imagine you've got both football and soccer refs on the field, but we're actually playing pickleball (fastest growing new sport in America). The refs can't really agree on the rules of this new game, and one of them decides to change a call they made back in April 2021.
@caitlinlong_ @caitlinlong_ on x
IT SHOULD BE CRYSTAL CLEAR BY NOW that the Biden Administration wants all #crypto (even the legit parts of it)—run out of the U.S. See also yesterday's White House economic report, which dunked on all financial innovation while espousing the “stability” of traditional banks https…
@mdudas Mike Dudas on x
SEC (April 2021): “Go right ahead and issue stock to the American public @Coinbase, we approve of $COIN's business lines and disclosures” SEC (March 2023): “We are suing you @Coinbase for the exact business lines and disclosures we approved prior to your listing of US shares”
@collins_belton Collins Belton on x
This is a perfect ex: - CB has 30+ meetings with SEC - Spends millions drafting a registration proposal despite that literally being the SEC's job - Gets ghosted by SEC for 9+ mo - Promised meeting for clarity with SEC cancelled on 1 day notice - CB sued for being a bad actor??? …
@iampaulgrewal @iampaulgrewal on x
Even when giving us our Wells notice, the SEC wouldn't specific assets giving them concern or what specific arguments that we've made on staking are wrong. Instead, we were simply told to consider the Chair's generic statements. 12/15
@pseudotheos @pseudotheos on x
https://twitter.com/...
@coinbase @coinbase on x
Crypto can provide a meaningful update to the existing financial system and increase economic freedom in the world. It's time to update the system. 🔁 https://twitter.com/...
@smtuffy Sean Tuffy on x
If crypto is just technology, than there's no reason to up date the laws. Like, we didn't wholesale change securities law when dematerialisation happend https://twitter.com/...
@brian_armstrong Brian Armstrong on x
The U.S. needs to update its financial system. The code is 40 years old and the laws are 100 years old. Cryptocurrency is not a financial service. It's a technology that can be used to update financial services. Let's update the system. https://twitter.com/...
@johnreedstark John Reed Stark on x
As I predicted, the US SEC wants to hit Coinbase with charges relating to assets listed on its crypto platform and its staking and wallet services. Not surprising at all really. IMHO, Coinbase presents a veritable driver's-ed film of securities violations. https://www.cnbc.com/..…
@adamsinger Adam Singer on x
man, crypto was so much more punk when people were quietly using it to buy darknet LSD not following fed meetings, everyone is an old now
@iamdcinvestor @iamdcinvestor on x
i second this message and already use @Coinbase for nearly all of my centralized exchange activity i've been a loyal customer for 10 years, and i'll continue to support the team who is consistently standing up for the rights of American citizens to access crypto-related services …
@sadbryce @sadbryce on x
I launched the first staking products at Coinbase. We spent 100s of hours on the legal analysis of staking both internally & with many outside law firms. After many conversations with the SEC, there was no negative feedback & we realized no response was the best we'd get.
@hsakatrades @hsakatrades on x
Coinbase: “We asked the SEC for reasonable crypto rules for Americans. We got legal threats instead.” https://www.coinbase.com/...
@smtuffy Sean Tuffy on x
You don't hear a lot a about web3 these days
@davidmarcus David Marcus on x
From the very beginning @brian_armstrong made the decision that @Coinbase should play by the rules, engage with regulators and lawmakers, and behave like a responsible actor in what used to be a nascent industry. We should be proud of this exact kind of US-born responsible... htt…
@caitlinlong_ @caitlinlong_ on x
GOTTA BE HONEST as someone who hasn't been afraid to call balls & strikes. If any of this SEC action predates Coinbase's IPO, then the SEC stepped in it. The SEC's remit is investor protection. How did it protect investors to let a company IPO if it was violating securities laws?
@scottmelker @scottmelker on x
Coinbase is going to bury the SEC in court. They have the war chest and facts on their side. The judicial system has been dunking on the SEC in every available situation. Let's go. https://twitter.com/...
@cathiedwood Cathie Wood on x
Ironically, as crypto assets soared during the Silicon Valley Bank meltdown, this administration suggested that investors in regional banks - equity and bond holders - should prepare to be “wiped out” in the aftermath of an unprecedented 20-fold increase in the Fed funds rate.
@sandeepnailwal @sandeepnailwal on x
So confused with this notice to @coinbase. Coinbase is the gold standard of compliance in crypto. As a regulator, why would you go after the most compliant company of the industry? Doesn't it discourage everyone else trying to be US compliant? Whats going on over there in US? htt…
@fuckyourputs Wassie Hunter on x
Signature shut down Wells notice for Coinbase after hours US enforcement moving to shut down crypto Good fucking riddance. Several years too late but I'll take it Crypto is a categorical, unequivocal, and absolute net-negative for the world
@iampaulgrewal @iampaulgrewal on x
The truth is that today there is no clear rule book from the SEC on crypto, and efforts to engage with the SEC are met with silence or enforcement actions. They have not followed a good faith rulemaking process with industry, as required under the APA. 10/15
@tier10k @tier10k on x
On March 22, 2023, Coinbase received a “Wells Notice” from the SEC stating that the Staff made a “preliminary determination” to recommend that the SEC file an enforcement action against the Company alleging violations of the federal securities laws https://www.sec.gov/... https:/…
@metalawman @metalawman on x
I just read the full statement from Coinbase's top lawyer about the Wells Notice from the SEC. The thing that immediately jumps out is this: Coinbase (very reasonably) asked the SEC staff to tell them which specific tokens the SEC contends are securities. The SEC refused to... ht…
@yugacohler @yugacohler on x
This is not merely an economic or legal battle. It is an ethical one. A federal government agency *refuses* to provide guidelines for the industry it purports to regulate, and uses that lack of clarity to accuse wrongdoing. It is wrong and shameful. A national embarrassment. http…
@northrocklp Hal Press on x
The Coinbase news is potentially a bigger deal than people understand. The way a Wells Notice works is that it usually precedes an action for which you are often guilty until proven innocent, this is what happened with Paxos. What if Coinbase has to delist certain assets and stop…
@jchervinsky Jake Chervinsky on x
Coinbase has spent an extraordinary amount of time and resources working in good faith to seek regulatory clarity from the SEC. The idea that they'd be rewarded with nothing but a Wells notice is sad, but not surprising from an agency best known for regulating by enforcement. htt…
@ryansadams Ryan Sξan Adams on x
@antiprosynth No. Enough is enough. It's absolutely ridiculous the SEC is ruling by enforcement. Gary Gensler isn't emperor king. We need to speak out. We need to organize. We need to push back. Unelected bureaucrats don't get to make the rules. I care about this country. I live …
@spreekaway @spreekaway on x
My best guess for why the SEC is so reluctant to identify specific securities is that they are worried that their overbroad definitions of security for the purposes of carrying out Gary's vendetta against crypto will blow back on them when applied to other industries. https://twi…
@ljxie Linda Xie on x
Proud to see Coinbase and @brian_armstrong taking a stand. It's been extremely disappointing and frustrating to see the SEC regulating by enforcement rather than providing guidelines to the crypto industry https://twitter.com/...
@chainlinkgod @chainlinkgod on x
The open and coordinated hostility of US regulators against legitimate crypto token issuers and service providers will be viewed in hindsight as one of the most expensive mistakes a nation has ever made
@panekkkk Jacob Franek on x
Gensler has gone rogue. As has Warren. Even small crypto companies have *several* counsels. All of them are trying desperately to work within the law but even their counsel are exasperated. The rules don't work, aren't clear, and are impossible to comply with. https://twitter.com…
@raoulgmi Raoul Pal on x
The UK and others jurisdictions must be rubbing their hands with glee. US regulatory arbitrage is a core business model of the UK finance industry... https://twitter.com/...
@twobitidiot @twobitidiot on x
We need body cams not just for cops, but regulators. The SEC staff isn't even coming into the office so recording all of their WebEx calls is feasible, and would show courts how useless “engagement” with them really is under Chair Gensler.
@kamikaz_eth @kamikaz_eth on x
It is genuinely hilarious how any one of the recent FUD events would have been enough to nuke the market in 2021 or 2022 But now we just have a couple existential FUD drops each day and crypto largely shrugs it off It's pretty shocking even to me, but definitely a good sign
@brian_armstrong Brian Armstrong on x
And from our Chief Legal Officer: https://twitter.com/...
@annmlipton @annmlipton on x
OTOH, if the SEC thought that there was not simply a risk that maybe Coinbase was engaged in unregistered securities trading etc, but that in fact it actually was doing so, then surely Coinbase's disclosures of mere “risks” were inadequate, and the SEC should have said so - https…
@bitfinexed @bitfinexed on x
Nobody buys shitcoins on Coinbase without the expectation that they're going to dump the shitcoins onto someone else at a profit. If Coinbase only allowed you to buy shitcoins from the issuers and not sell them to anyone else, nobody would buy them. End of story.
@icebergy_ @icebergy_ on x
if coinbase wins they can drop $base
@alexmascioli @alexmascioli on x
This tweet thread by @brian_armstrong from @coinbase represents the complete stupidity of U.S. regulators and the affirmation that they want to extinct crypto with any ways necessary including going back on approvals to the contrary. @krakenfx Founder @jespow warned us of this...…
@viathemoon1 @viathemoon1 on x
Coming very soon. The coin you delisted will be the only coin with legal clarity. $XRP #XRP @Ripple @SECGov @coinbase #like10000spoonswhenallyouneedisaknife #EiTHERwaywewin https://twitter.com/... https://twitter.com/...
@yugacohler @yugacohler on x
I grew up in Massachusetts. Public high school, Harvard College. Center left political views. Worked at Google for 8 years. Not exactly anti-establishment. And I am proud to help @coinbase fight for economic freedom against the SEC's overreach because the truth is on our side. ht…
@annmlipton @annmlipton on x
On the one hand, the SEC's job reviewing S-1s is not to substantively say “your business model is illegal” - it's to say “you have disclosed what needed to be disclosed.” So the fact that the SEC reviewed the S-1 and allowed it to become effective isn't relevant, really. https://…
@jbsdc Justin Slaughter on x
You know it's bad when people in the Admin are privately saying “Coinbase is making really good points here.” Ultimately, Biden Admin is divided on all things crypto: has been, is, and probably will be for the rest of this term. So to the courts we all go. https://twitter.com/...
@brianquintenz Brian Quintenz on x
Wells Notices are intended to afford targets an opportunity to defend themselves in writing to the full Commission before charges are filed. The vagueness of this notice deprives Coinbase of that opportunity and lacks due process. https://twitter.com/...
@jessepollak Jesse Pollak on x
I am proud to work for Coinbase, Base, & Ethereum. We remain committed to updating the global financial system and creating more economic freedom for the world. https://twitter.com/...
@johnedeaton1 John E Deaton on x
When you read this coupled with the conduct of the @SECGov in the @Ripple case, must come to the conclusion that the SEC, as an institution, is a compete and utter disgrace. I'm not surprised, considering 9 months ago I said the SEC would do this, but I am angered and saddened. h…
@haileylennonbtc Hailey Lennon on x
Maybe Gensler is just jealous that Coinbase' ad was better than his https://twitter.com/...
@stockjabber Edwin Dorsey on x
Coinbase is publicly fighting with the SEC over its Wells Notice, which typically precedes an enforcement action The company is being represented by Steven Peiken, a former Co-Director of the SEC's Division of Enforcement Below is the Wells Notice sent today https://twitter.com/.…
@davidgerard @davidgerard on x
this sounds like Coinbase was channelling SBF, just sitting down with the cops and detailing their crimes, and were surprised when the cops had kept the notes https://twitter.com/...
@dctaorg @dctaorg on x
This explains some of Coinbase's recent actions regarding ALGO staking and likely why they were so eager to comply with the restrictions on BUSD. The SEC is out of control - provide us with regulatory guidance, don't demonize our nascent sector w/o cause https://www.theblock.co/.…
@lawtoshi @lawtoshi on x
While the WH suggests crypto has no value and SEC pursues uber-compliant Coinbase, @CFTCjohnson explains why DLT provides tangible benefits—today—on key priorities of climate change, supply chain tracing, and decentralized ID empowering consumers to retain control over their data…
@coinbureau @coinbureau on x
So the SEC sent Coinbase a Wells notice saying that they are planning to sue them given that they listed “securities”. But, when asked what specific assets they are referring to, they basically said “figure it out yourself”. Crazy. https://twitter.com/...
@alexcusack Alex on x
I keep thinking how great it is to look back at the “Coinbase is a mission focused company” blog post, from ≈2years, the backlash we got of “Coinbase has its head in the sand when it comes to politics”, and how it has played out to be almost exactly the opposite of that https://t…
@tmuxvim Artur on x
Gary is pathetic, he's stooped to the level of a patent troll in my book. abusing power to stop progress for personal gain. get fucked bugman! https://twitter.com/...
@joelkatz @joelkatz on x
If this is the SEC protecting American investors, imagine if they tried to hurt them. https://twitter.com/...
@cryptomanran Ran Neuner on x
I hope that @coinbase crush the SEC so badly in court that @GaryGensler is forced to resign from shame!
@dwr Dan Romero on x
Coinbase to SEC: we're open to input on which assets / products might be securities? SEC: *silence* (Repeat 30 times) SEC: here's a Wells Notice because we think some of these may be securities but won't tell you which ones
@iampaulgrewal @iampaulgrewal on x
At times, the SEC and CFTC don't agree on the definition of a commodity or a security. For instance, the CFTC chair has said Ethereum was a commodity, while the SEC chair has hinted Ethereum might be a security. 11/15
@timccopeland Cope on x
Coinbase sums everything up in one sentence: “We asked the SEC specifically to identify which assets on our platforms they believe may be securities, and they declined to do so.”
@cryptokaleo @cryptokaleo on x
No one should be terribly surprised that Coinbase received a Wells Notice after Kraken did earlier this year. Huge amount of respect for Brian Armstrong and Coinbase here if they actually do proceed to go to bat for the industry here. Makes me more bullish on $COIN than ever. htt…
@balajis Balaji on x
They will eventually try to seize Bitcoin. Eventually may be soon. So buy Bitcoin. Get your coins off exchanges. And get to a Bitcoin-friendly jurisdiction. States like Florida and Texas in the US. Or El Salvador and UAE if you're abroad. https://twitter.com/...
@simondixontwitt Simon Dixon on x
The best path forward for ‘crypto’ in US is for @coinbase & #SEC to go to court. In 2018 Coinbase acquired an SEC broker dealer & ATS from @BankToTheFuture so they could list crypto assets the CFTC deemed commodities & the ones SEC deemed securities. Time to resolve the debate. h…
@shaughnessy119 Tommy on x
Brian, and all of Coinbase's efforts, will go down in history as a pivotal stand against the government's overreach. As an American I want the U.S. to be home to the future of technology and be a proactive and inspiring home for builders. He has my full support https://twitter.co…
@kamikaz_eth @kamikaz_eth on x
Founder and CEO of a crypto hedge fund indicates that Coinbase may be forced to delist all tokens, including Ethereum, in the near future. Bitcoin remains the only crypto asset deemed safe by the SEC. https://twitter.com/...
@brucefenton Bruce Fenton on x
Important thread. From my POV as both an SEC registered broker dealer & someone who's been in #Bitcoin for a decade, Coinbase has likely not violated the law & the SEC has been extremely unfair. This is bad for America and American innovation. https://twitter.com/...
@cdixon @cdixon on x
Since day one, @coinbase has invested heavily in being fully compliant with US laws even when it forced them to move slower or lose a competitive edge vs other exchanges that chose to take shortcuts. https://twitter.com/...
@bitfinexed @bitfinexed on x
Hey Brian, when did you receive the Wells Notice? https://twitter.com/...
@m2jr Mike Maples, Jr on x
Hopefully the SEC will act in good faith with @brian_armstrong and @coinbase. It hasn't been a good look so far on SEC's part; Coinbase has bent over backwards to work within the system. Citizens of USA should expect our government still stands for protecting freedoms rather... h…
@sassal0x @sassal0x on x
Coinbase has my axe
@sheila_warren Sheila Warren on x
Going after responsible actors who've acted in good faith for YEARS is beyond disappointing - it's ridiculous. Coinbase is a public company registered all over the world. While other countries land the plane, we're stuck arguing about how many wings it should have. https://twitte…
@cathiedwood Cathie Wood on x
Why have bitcoin and other crypto assets appreciated during this banking crisis? In our view and in contrast to those in the traditional financial world, many crypto assets face no central points of failure: they are decentralized, transparent, and auditable.
@twobitidiot @twobitidiot on x
I plan to be the cockroach of crypto. I'm not leaving the US and I'm only getting angrier and more energized. Me and Messari will be here for every battle, on every front, for as long as it takes. Because nothing else in the world is so powerful as an idea whose time has come.
@du09btc @du09btc on x
Say goodbye to that juicy L2 called #base 👇 The SEC is suing everyone of any importance in crypto in the US. I don't see how #base L2 can take off if their developers will be sued next. 🙄 #Coinbase may permanently relocate outside of the US as a result. https://twitter.com/...
@stacyherbert @stacyherbert on x
Staking products lands Coinbase with Wells Notice In El Salvador, we have provided clarity for the markets; bitcoin is money, everything else is a security And we have a new framework to help companies and individuals with registering those securities https://twitter.com/...
@bwertz Boris Wertz on x
Coinbase receiving a Wells notice might actually be good news for the crypto industry at large. Start-ups don't have the resources to fight the SEC in court and will decide to settle in most cases - not so @coinbase. This will soon create much more regulatory clarity.
@fundamentalwolf Wolf Daddy on x
Makes me happy Coinbase is fighting this Imo we are at peak SEC https://twitter.com/...
@eriz35 @eriz35 on x
love it when my company's chief legal counsel is like “yeah we have been aware that the SEC was gonna cornhole us for the past 9 months; all the exec team, myself included, dumped stock repeatedly during this time without disclosure. here's why we're gonna win!” https://twitter.c…
@adamscochran Adam Cochran on x
Moved about half my hot wallet assets to Coinbase so far and tomorrow buying a bunch of their bonds. If Gary wants me to stop using US exchanges, then he can give them legal clarity or get congress to pass a fucking law to stop it. Otherwise I'm just gonna do it more 🤷‍♂️🔵🔵🔵
@lesbiaudrey @lesbiaudrey on x
So what I'm gathering from the Coinbase thing is that libertarians created crypto after banks collapsed in 2008, and now crypto is becoming partially responsible for the new collapse of banks
@heyitsmethedev @heyitsmethedev on x
I stand with Coinbase. They're fighting for us, the little guys. Let me know if you need anything, Brian. - The Dev https://twitter.com/...
@haileylennonbtc Hailey Lennon on x
Rooting for Coinbase in this next chapter https://twitter.com/...
@mattysino Matthew Graham on x
this is bullshit. I'm on Team Coinbase. https://twitter.com/...
@lawtoshi @lawtoshi on x
You don't get to see Wells notices very often. They are usually kept highly confidential during the back-and-forth process with the SEC (remember Paxos?), but this ought to tell you just how ready Coinbase is for this fight to be public. https://twitter.com/... https://twitter.co…
@belisarius2020 Bill Morgan on x
As much as I criticize Coinbase for its treatment of it customers who held XRP in @coinbase accounts I will completely without qualification support it against the SEC if it is sued for the sale of crypto on is exchange. https://twitter.com/...
@iampaulgrewal @iampaulgrewal on x
We don't list securities. Of the thousands plus crypto assets CB has reviewed over the years, only roughly 240 of those have met our standards to list on our platform. 8/15
@canteringclark Clark on x
I have always used Coinbase, and never had a single issue. I stand with them as well, the SEC is going to lose this fight. https://twitter.com/...
@davidvorick David Vorick on x
SEC sends loud and clear message to good-faith entrepreneurs and well meaning innovators: “if you work with us, we will prosecute you” There's more money and less risk in definace and evasion than there is in compliance. https://twitter.com/...
@apedurden Tyler on x
Crypto is fun again, not because number go up. Because they tried to bury us and the only ones still here are psychos, so it's like being in “one flew over cuckoos nest” with all your mad mates lol
@jerrycap @jerrycap on x
VCs/SV wanted to get into banking and payments. Well, welcome to the business of banking! https://twitter.com/...
@mdudas Mike Dudas on x
The @SECGov is a disgrace. It's a political organization, not a financial regulatory organization. https://www.coinbase.com/...
@austen Austen Allred on x
I hope this ends up in court just so we can see how hard Coinbase tried to do exactly what the SEC is saying they refused to do. This is how many modern regulatory regimes work. Make x impossible then slap your wrist publicly for not doing x, as you spend millions on lawyers. htt…
@autismcapital @autismcapital on x
NEW: The SEC sent Coinbase a Wells Notice. These guys are absolutely relentless. Like a toddler, when things are going bad, they lash out at everyone.
@davidgokhshtein @davidgokhshtein on x
If there's any company that can save the crypto industry in the U.S., it's Coinbase.
@dogetoshi Steven on x
Me thinks SEC just poked the wrong bull. https://twitter.com/...
@crediblecrypto @crediblecrypto on x
People are so oblivious to @Ripple and $XRP that they forget Ripple has been fighting the SEC for nearly two years and the outcome of this case will likely be a major determinant of the future of crypto in the US before Coinbase even has a chance to make their opening argument.
@pt Parker on x
Whenever I hear this particular person talk about building a better financial system, I remember that he sells Shiba Inu coin to barely-literate people who think it is going to get them out of poverty and realize I really don't care if he goes to jail. https://twitter.com/...
@tree_of_alpha @tree_of_alpha on x
SEC: “Some assets on your platform are securities, act accordingly.” Coinbase: “Can I know which ones?” SEC: “No.” Coinbase: “Can you tell me how to determine which asset is a security?” SEC: “Also no.”
@shivanshumadan @shivanshumadan on x
My opinion on Coinbase has had a 180° turn over the last year or so. Love the fight they are putting to actually stand up for the values we believe in. https://twitter.com/...
@howardlindzon Howard Lindzon on x
Overheard at Coinbase board meeting ... Does a ‘Wells’ notice mean we can't bank with Wells Fargo anymore ?
@buccocapital BuccoCapital Guy on x
Signature shut down Wells notice for Coinbase after hours US enforcement moving to shut down crypto Good fucking riddance. Several years too late but I'll take it Crypto is a categorical, unequivocal, and absolute net-negative for the world
@jongalt14 @jongalt14 on x
Crypto industry: Dear nice people of the SEC, can you please tell us what rules are for crypto? SEC: we will tell you what the rules are in court, where we'll sue you for violating rules that we won't tell you about. https://twitter.com/...
@carnage4life Dare Obasanjo on x
The Biden administration now has crypto in its crosshairs. It's wild to me that crypto prices keep going up as the main banks that support the crypto industry have collapsed and the SEC is handing out investigations to everyone from Coinbase to Jake Paul. https://www.cnbc.com/...
@merts_eth @merts_eth on x
So, like, from the get-go, @coinbase has been all about playing by the rules in the US even in the end it slowed them down massively. Its just sad seeing this https://twitter.com/...
@belisarius2020 Bill Morgan on x
Seriously, 30 meetings with the SEC and Coinbase people were doing all the talking and they didn't wonder why. Are these guys and their attorneys novices. You always try to get your opponent talking. Next they will tell us the meetings were not on a without prejudice basis. https…
@prhillmann Patrick Hillmann on x
The tribalism that has marked the crypto industry must end today. We have seen a strong response from @brian_armstrong and the @coinbase team today. However, the industry needs to speak with one voice moving forward. More than American exceptionalism is at stake.
@star_okx @star_okx on x
Coinbase is fighting on behalf of the whole crypto industry. All of us should give our best respect and support to them. https://twitter.com/...
@bradmillscan Brad Mills on x
The SEC is on a tear this week. Ponzigeddon is upon us. Coinbase, Tron, Sushiswap, Celebrity shitcoin shills ... the crypto bear market is not over. Sell your shitcoins & NFTs for BTC before you're down another 90%! Come join team rationality. https://twitter.com/... https://twit…
@mattysino Matthew Graham on x
good. I support Coinbase's fight against dysfunctional and disingenuous regulation. https://twitter.com/...
@advisercounsel Max Schatzow on x
I can't recall a registrant ever publicly broadcasting an actual Wells notice. It seems like a poor strategy, unless you have 0% belief that you can move the needle on any points of contention. It also is bush league and unbecoming IMO. It invites attacks on staffers. https://twi…
@__tux @__tux on x
“We spent millions of dollars on legal support to build these proposals and repeatedly asked for the SEC's feedback. We got none.” what the fuck did you think was gonna happen? did you think they were gonna say, “thank you”? THE US REGIME IS NOT TRYING TO HELP CRYPTO! https://twi…
@dylanleclair_ @dylanleclair_ on x
They're going to attempt to limit/block the exit ramps to bitcoin exchanges as the banking system gets run. It's starting.
@phil_geiger Phil Geiger on x
Definitely a good time to withdraw your staked ETH from Coinbase if you haven't already https://twitter.com/...
@katie_haun Kathryn Haun on x
1/ I believe that Coinbase is the most trusted brand in crypto in part because they chose the hard road of regulatory compliance and multi-state licensing in the U.S. from day one https://twitter.com/...
@zeus_algo @zeus_algo on x
Goosebumps on these going to court announcements! Feeling grateful our nascent industry already has a player which can afford to fight for fair market practices and not be bullied by captured regulators. Reminds me of a quote from Roosevelt: “Courage is not the absence of... http…
@kamikaz_eth @kamikaz_eth on x
Holy shit the endgame is here SEC has come for Coinbase ETH/BTC about to take a massive shit All-in BTC from here on out - it's the only asset SEC likes https://twitter.com/...
@autismcapital @autismcapital on x
The powers that be are doing *everything* possible to clear the path for their CBDC. This is not conspiracy. This is a fact. https://twitter.com/...
@jespow Jesse Powell on x
Absolute MUST WATCH. We may be witnessing the end of the USD and the dawn of hyperbitcoinization. * USD printing is out of control * Huge nations de-dollarizing trade * US scrambling to kill crypto ramps The dollars are there but purchasing power gone. https://www.youtube.com/...
@hsakatrades @hsakatrades on x
SEC budget going to be completely spent on fighting Grayscale, Ripple, Coinbase and potentially Justin Sun (in the extremely rare scenario he doesn't settle).
@muneeb @muneeb on x
Coinbase has been a good faith actor in the crypto industry for 10+ years.
@smtuffy Sean Tuffy on x
Coinbase is like seven weeks from suing the SEC for allowing it to IPO in the first place.
@iamdcinvestor @iamdcinvestor on x
disappointing, but not surprising but if anyone can stand up to them, it's Coinbase https://twitter.com/...
@tradebutwhy @tradebutwhy on x
It's far too underappreciated how much Coinbase has been pushing back against the SEC's bullying as the #1 publicly listed crypto company in the world. Kraken has been getting all the love recently but they just folded like sheep when the SEC slapped their wrist for ETH staking.
@davidgokhshtein @davidgokhshtein on x
And that's not a shot at Ripple, but Ripple has done a great job. But Coinbase has met with the SEC over 30 times. The SEC approved their IPO. Coinbase also has big money to fight this. And why would BlackRock partner with Coinbase.....
@prhillmann Patrick Hillmann on x
I am not a crypto native. I spent most of my career in traditional finance, consulting, and crisis management. What I have witnessed these past 6 months is unprecedented and in my personal opinion should not happen here in the US. No entity should be above the law of the land. ht…
@hwonderofworld @hwonderofworld on x
while you are busy chatting about coinbase .. huobi global is on life support and has the largest (by way of tron) holdings of USDT.... (55%) outflows are going brrrrrrrrrrr
@sassal0x @sassal0x on x
The SEC misses one of the biggest frauds in history - FTX/Alameda Gary Gensler cozies up to the head of that fraud - SBF And then the SEC goes after the most legitimate company in crypto - Coinbase Yes yes very normal and totally rational
@octal Ryan Lackey on x
Not content to merely destroy the banking system, the current administration is coming for crypto, too. I'm glad Coinbase has the resources and motivation to fight this. https://www.coinbase.com/...
@nickdrakon Nick Drakon on x
Read this from @coinbase https://twitter.com/...
@katie_haun Kathryn Haun on x
2/ In 2021 after a lengthy period of review that included back and forth and numerous SEC comments, the agency blessed the company's S-1. That same S-1 details Coinbase's listing process and mentions staking services 57 times.
@tundra_v1 @tundra_v1 on x
Coinbase getting sued by the SEC is the ultimate galvanizing event for the entire industry Doesn't matter if you're a Bitcoin maxi, an ETH maxi, an Altcoin specialist, or anything in between We are all on Coinbase's side on this case
@autismcapital @autismcapital on x
This is called trying to reason with the enemy. https://twitter.com/...
@justinsuntron @justinsuntron on x
The SEC's civil complaint earlier today is just the latest example of actions it has taken against well known players in the blockchain and crypto space. We believe the complaint lacks merit, and in the meantime will continue building the most decentralized financial system.
@secgov @secgov on x
Today we charged crypto entrepreneur Justin Sun and three of his wholly-owned companies for the unregistered offer and sale of crypto asset securities Tronix and BitTorrent. Read more: https://www.sec.gov/...
@tier10k @tier10k on x
SEC VS JUSTIN SUN 🫡 https://www.docdroid.net/...
@justinsuntron @justinsuntron on x
It is no secret that the SEC's regulatory framework for digital assets is still in its infancy and is in need of further development.
@justinsuntron @justinsuntron on x
巨大的泵
@file411 @file411 on x
Again if the SEC is on your radar —you are SO screwed but ignoring the SEC curtesy letter because you're: -a celebrity -a social media influencer You do so at your own disgorgement peril & the fines plus interest can't be ignored simply because:" you didn't know" that's not an...…
@regulatoryjason Jason Brett on x
Kraken no longer able to support ACH because Gensler declared it a security. The sun has set on Justin and Coinbase has received a notice from Wells Fargo to not even think about opening a bank account. Did I miss anything? https://twitter.com/...
@cryptomichnl Michaël van de Poppe on x
I think we'll see an announcement in coming 48 hours that Justin Sun proposes a buying offer for the SEC.
@nerdnationunbox @nerdnationunbox on x
I think this is the “NEW DAY” @GOPMajorityWhip was talking about... he never said it was gonna be a “good new day” https://twitter.com/...
@smdiehl Stephen Diehl on x
Yes finally. These companies have been an insult to the rule of law for a long time. Good to see the SEC bringing justice. https://www.sec.gov/...
@bitfinexed @bitfinexed on x
Isn't it strange that basically all of Tethers customers, are giant frauds themselves? First FTX, now Justin Sun https://twitter.com/...
@pledditor @pledditor on x
Throwback to when @MKBHD (Marques Brownlee) called out TRON for trying to get him to do an undisclosed paid promotion for TRON tokens https://twitter.com/... https://twitter.com/...
@crypto1nfern0 @crypto1nfern0 on x
“We have no exposure to Justin Sun” https://twitter.com/...
@bitboy_crypto Ben Armstrong on x
Wow. Was literally explaining to some folks last night what Justin Sun with wash trading $TRX Was getting ready to actually add some Tron to the portfolio bc I thought it would have a good run. But now... is TRX going to face suppression like XRP? https://www.coindesk.com/...
@tree_of_alpha @tree_of_alpha on x
1) Get sued by the SEC 2) Tweet “Big Pump” in Chinese 3) ??? 4) Profit https://twitter.com/...
@cardea__ @cardea__ on x
my favorite justin sun story https://twitter.com/...
@magiccircletech @magiccircletech on x
Not surprising.🕵️‍♂️ It is sooner or later. ✊Zero tolerance for fraud and market manipulation. #SECcharges It is important for #digitalasset investors to see how they can be protected. #Focus on #DigitalSecurities #STO #securitytokens https://twitter.com/...
@file411 @file411 on x
GOOD LORD... “From at least April 2018 through February 2019, Sun allegedly directed his employees to engage in more than 600,000 wash trades of TRX between two crypto asset trading platform accounts he controlled, with between 4.5 million and 7.4 million https://www.sec.gov/....…
@jconorgrogan Conor on x
@tier10k SEC cites Justin Sun's retweets in their filing against him Should have had “retweets are not endorsements” in his bio https://twitter.com/...
@jeff_foust Jeff Foust on x
Remember when Justin Sun was going to buy a dedicated New Shepard suborbital flight (after making the high bid on the seat auctioned on the first crewed NS flight) and round up five “space warriors” to go on it with him? https://twitter.com/...
@tree_of_alpha @tree_of_alpha on x
Justin Sun: I would like to propose to acquire the SEC for $1.5 billion.
@pledditor @pledditor on x
Justin Sun was sued today by the SEC for selling unregistered securities, fraud, and market manipulation of BTT (BitTorrent token) and TRX (Tron). Lindsay Lohan, Jake Paul, Soulja Boy, Lil Yachty, Ne-Yo, Akon and Michele Mason were all sued by the SEC today for promoting these...…
@justinsuntron @justinsuntron on x
I want to make it clear: I have no enemies. #TRON's mission is to create a better, more decentralized world for all 8 billion people on earth - even those who oppose us. We are steadfast in pursuing our dream, not because it's profitable, but because it's the right thing to do.
@danny_mx @danny_mx on x
Tether somehow will make a blog post and say they have no exposure to any of Justin Sun scams. In 3...2...1... https://twitter.com/...
@kylesgibson Kyle S. Gibson on x
Buy my shitcoin https://twitter.com/...
@jcoviedo6 JC Oviedo on x
About time. “The Securities and Exchange Commission today announced charges against crypto asset entrepreneur Justin Sun and three of his wholly-owned companies, Tron Foundation Limited, BitTorrent Foundation Ltd., and Rainberry Inc” https://www.sec.gov/...
@hsakatrades @hsakatrades on x
Legal fees secured. https://twitter.com/...
@web3isgreat @web3isgreat on x
These were some of the paid tweets that were made without disclosure. Lohan and Lil Yachty got $10,000, Ne-Yo got $12,000, and somehow Jake Paul got $25,000 for retweeting Lil Yachty. If I was Lil Yachty I'd be mad lol https://twitter.com/...
@carnage4life Dare Obasanjo on x
How many notable people in the tech and VC ecosystem shilled various “web3 assets” without disclosing their financial benefits. Sounds like everyone better hope the SEC sticks to rappers, influencers and former movie stars. https://twitter.com/...
@eringriffith Erin Griffith on x
looking back how did we ever think the celebrity crypto promotion era would end any other way https://www.wsj.com/...
@file411 @file411 on x
Lindsay Lohan complaint the SEC filing: “In February 2021, Lohan promoted a crypto asset security on Twitter in exchange for a payment of $10,000 from the issuer. Lohan, at the time of her promotion, had approximately 8.4 million Twitter followers” https://www.sec.gov/... https:/…
@tier10k @tier10k on x
The shill dream team https://twitter.com/...

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Coinbase says it received an SEC notice warning the exchange of potential US securities law violations that could lead to enforcement actions; COIN drops 10%+

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